Progress Capital represented Dino & Sons Realty Corp. in the leasehold acquisition by Stellar Management and Imperium Capital of 220 Fifth Avenue in Manhattan
NEW YORK, NY – March 22, 2017 – Kathy Anderson of Progress Capital Advisors negotiated the transfer of the leasehold interest in 220 Fifth Avenue from a subsidiary of Dino & Sons Realty Corp. to a joint venture between Stellar Management and Imperium Capital. Formerly known as the Croisic Building, 220 Fifth Avenue was constructed in 1912 and is renowned for its Neo-Gothic architecture which is visible for blocks because of its two-story copper mansard roof.
“220 Fifth Avenue is a special building that has been in the Tomassetti family for over 30 years,” said Ms. Anderson. “It was important to find the perfect strategic partner to continue the family’s vision and I’m honored to have been trusted by both the Tomassetti’s and Stellar/Imperium to help accomplish this.”
As part of its capital improvement program, Stellar and Imperium will renovate the lobby and update and modernize the building systems. The partnership is also completing high-end, custom pre-builds for turn-key office space. There are currently six full floors available for lease comprising approximately 9,000 RSF each.
“The location is unbeatable and we are excited to begin upgrading the base building and amenities to offer this as a premium office space for tenants,” said Matthew Lembo, a principal at Stellar Management.
“This coveted building anchoring the corner of 26th and Fifth Avenue is a jewel of the red hot Madison Square Park submarket,” said Morris Mishan of Imperium Capital.
John Park, Leo Leyva, Jordan Fisch, Jeff Schecter and Patrick Quinn of Cole Schotz provided legal counsel for Dino & Sons Realty Corp. while Ira Nesenoff and Ariya Waxman of Nesenoff & Miltenberg represented Stellar Management and Imperium Capital.
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple – #thatsPROGRESS
MORE READING ON THIS DEAL: